Financial Winners & Losers: Wachovia

Not surprisingly, financial stocks were among the biggest losers of Monday's session after the House of Representatives voted down the $700 billion rescue bill aimed at increasing lending between banks.

The major averages fell hard after the proposal, championed by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, failed to garner sufficient votes. Investors quickly pulled money from the troubled financial sector due to fears that financial markets would seize.

Consequently, the financial components of the Dow Jones Industrial Average were among its worst performers as the index plummeted a whopping 6%. American Express (AXP Quote - Cramer on AXP - Stock Picks) and Bank of America (BAC Quote - Cramer on BAC - Stock Picks) fell more than 17% each, while JPMorgan Chase (JPM Quote - Cramer on JPM - Stock Picks) slid 6.9% and Citigroup (C Quote - Cramer on C - Stock Picks) was losing 5.9%.

Wachovia (WB Quote - Cramer on WB - Stock Picks) was the worst financial performer of the day, by far. The North Carolina-based bank dropped more than 81% after Citigroup agreed to buy Wachovia's banking operations for $2.1 billion in a deal arranged by the Federal Deposit Insurance Corp.

National City (NCC Quote - Cramer on NCC - Stock Picks) shares, meanwhile, lost 63.4% amid increasing speculation it would be the next financial firm to be seized by the FDIC.

Among other financial losers, troubled insurer AIG (AIG Quote - Cramer on AIG - Stock Picks) slumped 20.6% to $2.50, Morgan Stanley (MS Quote - Cramer on MS - Stock Picks) dropped 15.2% to $20.99, and Goldman Sachs (GS Quote - Cramer on GS - Stock Picks) was down 8.3% to $126.54.

Where will the Dow Jones Industrial Average stand at the end of 2008?
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